Porsche 2011 Annual Report Download - page 53

Capital market
2011 was not a good year for the interna-
tional stock exchanges. The German stock exchange
index (Dax), which opened at 6,990 points on
3 January 2011 and therefore on the first trading day
in the reporting year 2010, closed at 5,898 points on
30 December 2011, recording a loss of around 16
percent compared to the end of the prior fiscal year.
The Composite Dax (C-Dax) fell from 877 to 688
points in 2011, a decrease of around 22 percent.
Porsche SE’s preference shares, which were trading
at 59 euro at the beginning of the reporting year,
closed at 41 euro at the end of the fiscal year.
Annual document pursuant to Sec. 10 WpPG
The annual document containing the disclo-
sures required by Sec. 10 (1) WpPG (“Wertpapier-
prospektgesetz”: German Securities Prospectus Act)
can be viewed at www.porsche-se.com/pho/de/
investorrelations.
Implementation of the requirements of the
German Corporate Governance Code
In accordance with the declaration of compli-
ance from October 2011, Porsche SE complies with
the recommendations of the German Corporate Gov-
ernance Code with two exceptions. The shares in the
company and related financial instruments held by
members of the company’s governing bodies (No. 6.6
of the German Corporate Governance Code) have not
been published and will still not be published in the
future as complete compliance with statutory publish-
ing requirements provides the capital markets and
Porsche SE’s shareholders in particular with sufficient
information.
Concrete objectives regarding the composi-
tion of the supervisory board which, whilst consider-
ing the specifics of the enterprise, take into account
the international activities of the enterprise, potential
conflicts of interest, an age limit to be specified for
the members of the supervisory board and diversity
(No. 5.4.1 (2 and 3), version dated 26 May 2010) will,
as in the past, not be specified in the future. The
specification of concrete goals would not be appro-
priate at the current time as the integrated automo-
tive group is to be created with Volkswagen AG before
the next planned new elections of shareholder repre-
sentatives to the supervisory board are due, if possi-
ble. In this case, questions regarding the composition
of the supervisory board of the company could arise
that are of a quite different character than at present.
Publication of the declaration of compliance
Porsche SE has issued the declaration of
compliance as required by Sec. 289a German
Commercial Code (HGB). It can be viewed at
www.porsche-se.com/pho/de/investorrelations.
Annual general meeting of Porsche SE
At the annual general meeting of Porsche SE
held on 17 June 2011, a dividend of 50 cents per old
and new preference share for the short fiscal year
(SFY) 2010 was approved. For the fiscal year
2009/10, the dividend had been 9.4 cents per ordi-
nary share and 10 cents per preference share. The
significant increase in the dividend distribution to the
holders of preference shares was made possible by
the ordinary shareholders stating that they would not
participate in the dividend distribution for the short
fiscal year 2010 and that the dividend should be
distributed exclusively to the holders of preference
shares.
Shareholder composition
In April 2011, Porsche SE successfully com-
pleted its capital increase in return for cash contribu-
tions. With the entry of the implementation of the
capital increase in the commercial register of the
Stuttgart district court on 13 April 2011, the com-
pany‘s share capital was increased by 131,250,000
euro from 175,000,000 euro to 306,250,000 euro
through the issuance of 65,625,000 new ordinary
shares (no-par-value shares) and 65,625,000 new
preference shares (no-par-value shares), with each no-
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